The new standard allows traders to convert non-fungible Ethereum tokens ( NFTs ) into NFTs for the Bitcoin Network.

Bitcoin Miladys – the Bitcoin-based derivative to the popular Miladys NFT Collection – introduced on Monday its BRC-721E standard in collaboration Ordinals market, a Bitcoin-based NFT platform, and Bitcoin wallet, Xverse. The token standard, according to the company, acts as a bridge for Ethereum and Bitcoin. It allows traders to convert ERC-721NFTs into BRC-721E NFTs on Bitcoin.

According to the Ordinals market website, Ethereum NFT holders may burn their tokens in order to inscribe them on a Satoshi within the Bitcoin network. The tokens are automatically added to a collection page on the Ordinals Market with all metadata.

While the new standard allows the conversion of ERC-721 to Ordinals, the metadata is not initially stored on the chain. Ordinals Market offers a variety of options that enable on-chain previews for the NFT. These can be displayed within existing wallets and marketplaces.

Dune Analytics reports that ordinals have surpassed 10,000,000 inscriptions on Monday. This is a significant increase from the 3,000,000 inscriptions in the first weeks of May. According to data platform CryptoSlam last week, Bitcoin rose to the second spot in the leaderboard of NFT trading volume in terms of the network. It was ahead of Solana, and just behind Ethereum.

It is remarkable that the Ordinal Protocol has only been in place since January.

NFT marketplaces began to support Bitcoin NFTs more recently. Binance added support for Bitcoin nfts earlier this month. In March, Magic Eden launched an Ordinals marketplace in order to bring creators into the Bitcoin NFT ecosystem.

Learn more about Bitcoin NFTs. What are Ordinal NFTs?

Rosie Perper is the editor.